May 29, 2007 at 1:22 am by Tom Lydon
This month the industry buzz was all about the launch of a platinum-based exchange traded fund (ETF). A U.S. bank was planning on launching a platinum ETF in the United States, but the idea has been officially dropped. And the European ETF Securities doesn’t plan to list its platinum fund in the U.S. Some believe SEC approval for such a fund wouldn’t likely be granted so a listing of platinum or palladium on the U.S. market is out, at least for now. Atul Prakash for Reuters.com reports the metal hit a record high of $1,395 an ounce in November just on speculation on the launch of a physically-backed ETF.
ETF Securities was the first to list in London on April 24, with secondary listings in France, Germany and the Netherlands. Analysts claim the U.S. auto lobby would be strongly against any move to introduce a platinum fund in the United States.
Tags: EWG, EWN, EWQ, Metals, Platinum
Share: 
Digg | 
Bookmark at Del.icio.us | 
Subscribe to our RSS Feed
